There are a number of things to consider when drafting an estate plan. It is not uncommon for people to become overwhelmed by the process and wonder if they are doing things wrong. Fortunately, legal counsel can typically spot and fix any issues in British Columbia wills as long as they are caught in time. Here are two of the most common mistakes professionals encounter when it comes to wills and estates.
The first and most damaging mistake is procrastinating on a will and not drafting one at all. It is understandably uncomfortable to think about death, especially when money and family concerns are mixed in as is the case with estate planning. But not putting affairs in order can leave a true mess for next of kin to clean up. In some cases it can lead to serious conflict between family members; in others, forgotten assets can be lost.
The second common mistake is not revealing everything to the lawyer responsible for the estate plans. Again, discomfort is often the root cause of this mistake as many people are hesitant to share such personal information. It is important to remember that lawyers are professionals and that they cannot help people plan for assets that the client does not reveal.
Having conversations about wills and estates early and often can make a big difference for a family's future. Additionally, being transparent throughout the process will allow people to truly plan for every dependant and item in their lives. The best first step to avoiding these two common mistakes is to retain a trusted British Columbia estate planning lawyer.